MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER SYNTEX PRIVATE LIMITED |
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Registered
Office : |
Plot No.391, GIDC Industrial Estate, Pandesara, Surat-394 221, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.07.1987 |
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Com. Reg. No.: |
05-9851 |
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CIN No.: [Company Identification
No.] |
U17239GJ1987PTC009851 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP00233C |
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PAN No.: [Permanent Account No.] |
AABCP3984C |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturers of
Sarees, Dress Materials, Manmade Fabrics Fabrics. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 910000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Bajrang |
|
Designation : |
Accounts Department |
|
Date : |
30.03.2011 |
LOCATIONS
|
Registered Office : |
Plot No.391, GIDCIindustrial Estate, Pandesara, Surat-394 221, |
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Tel. No.: |
91-261-2897731 |
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Fax No.: |
91-261-2697735 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Shrinarayan Jagnath Periwal |
|
Designation : |
Director |
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Address : |
105, Shiv Market, Ring Road, Surat-395 002, |
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Date of Birth/Age : |
27.04.1965 |
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Date of Appointment : |
17.07.1993 |
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Name : |
Mr. Pawankumar Dayakishan Kokra |
|
Designation : |
Director |
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Address : |
013 - E- Tower, Green Avenue, B/H Union Park, Ghod Dod Road, Surat-395
007, Gujarat, India |
|
Date of Birth/Age : |
22.07.1955 |
|
Date of Appointment : |
17.07.1993 |
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|
|
|
Name : |
Mr. Bajaranglal Ramkumar Garg |
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Designation : |
Director |
|
Address : |
7C, Arjav Apartment, B/H Sarjan Soc., Citi Light, Surat-395 007, |
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Date of Birth/Age : |
30.03.1968 |
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Date of Appointment : |
25.06.2004 |
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|
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|
Name : |
Mr. Anil Harikishan Chaudhary |
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Designation : |
Director |
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Address : |
268/270, GIDC, Pandesara, Surat-394 210, |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
01.01.2009 |
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Name : |
Mr. Vidyutkumar Vittanbabu Jain |
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Designation : |
Director |
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Address : |
J/437, Renuka Bhawan, B/H |
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Date of Birth/Age : |
10.01.1969 |
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Date of Appointment : |
06.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vikram Polyester Private Limited, |
|
100000 |
|
Manisha Chaudhary |
|
684500 |
|
Urmila Chaudhary |
|
580000 |
|
Narayan Periwal |
|
102800 |
|
Jaykumar Periwal |
|
95000 |
|
Jagnath Periwal |
|
1243400 |
|
Lalitkumar Periwal |
|
60000 |
|
Saritakumari Periwal |
|
20000 |
|
Manishkumar Periwal |
|
17500 |
|
Nirmal Kumar Periwal |
|
52000 |
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Madan Mohan |
|
8000 |
|
Santoshkumari Periwal |
|
48000 |
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Urmila Devi Periwal |
|
44500 |
|
Madan Mohan Periwal |
|
106500 |
|
Nathmal Periwal |
|
129500 |
|
Seema Maheshwari |
|
10000 |
|
Paresh Chaudhary |
|
715100 |
|
M.K. Chaudhary and Sons (HUF), |
|
463150 |
|
Prakesh Electricity System Private Limited, |
|
250000 |
|
Vidushree Chaudhary |
|
554350 |
|
Vasudha Chaudhary |
|
110000 |
|
|
|
551550 |
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Pratibha Fabrics Limited, |
|
364000 |
|
Akshat Chaudhary |
|
1139750 |
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H.K. Chaudhary and Sons (HUF) |
|
365100 |
|
A.K. Chaudhary and Sons (HUF) |
|
445000 |
|
Gyanesh Chaudhary |
|
405000 |
|
Swaraj Vikram |
|
50000 |
|
Mahendra Kumar Chaudhary |
|
12500 |
|
Jhawar Traders and Fin Private Limited, |
|
100 |
|
Vikram Capital Management Private Limited, |
|
600000 |
|
Vikram International Private Limited, |
|
200000 |
|
Panchana Merchants Private Limited, |
|
1100000 |
|
Nilam Chaudhary |
|
540000 |
|
Vedant Chaudhary |
|
461100 |
|
P.K.Chaudhary |
|
60000 |
|
Vikram India Limited, |
|
60000 |
|
Saumyaa Chaudhary |
|
10000 |
|
Agastya Vikram Chaudhary |
|
74600 |
|
Yashvi Chaudhary |
|
5000 |
|
Vikram Financial Services Limited, |
|
4100000 |
|
Total |
|
15938000 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
42.50 |
|
Directors or relatives of Directors |
57.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Sarees, Dress Materials, Manmade Fabrics Fabrics. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
Art Sills Cloth Processing |
Meter |
112288918 |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
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Bankers : |
Bank of Baroda, Pandesara Branch, Pandesara Industrial Estate, Near
Fire Bridge Station, Pandesara, Surat-394 221, Gujarat, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
S. K. Kabra and Company Chartered Accountants |
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Address : |
1006, |
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Tel. No.: |
91-261-2320131/3109696 |
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E-Mail : |
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Associates/Subsidiaries : |
Vikram Polyester Private Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.10/- Each |
Rs.160.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15938000 |
Equity Shares |
Rs.10/- Each |
Rs.159.380
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- Each |
Rs.110.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10938000 |
Equity Shares |
Rs.10/- Each |
Rs.109.380
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
109.380 |
102.820 |
38.020 |
|
|
2] Share Application Money |
1.820 |
22.060 |
17.345 |
|
|
3] Share Suspense Account |
0.000 |
0.000 |
60.000 |
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|
3] Reserves & Surplus |
116.053 |
82.186 |
60.171 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
227.253 |
207.066 |
175.536 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
129.762 |
91.128 |
117.810 |
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|
2] Unsecured Loans |
8.262 |
5.486 |
4.840 |
|
|
TOTAL BORROWING |
138.024 |
96.614 |
122.650 |
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|
DEFERRED TAX LIABILITIES |
26.528 |
24.031 |
20.862 |
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|
|
|
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TOTAL |
391.805 |
327.711 |
319.048 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
236.350 |
198.722 |
196.742 |
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Capital work-in-progress |
5.977 |
1.439 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
31.548 |
56.308 |
55.801 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.421
|
30.212 |
19.080 |
|
|
Sundry Debtors |
137.452
|
112.832 |
110.205 |
|
|
Cash & Bank Balances |
2.696
|
25.056 |
10.979 |
|
|
Other Current Assets |
0.964
|
1.137 |
1.723 |
|
|
Loans & Advances |
71.571
|
69.108 |
56.821 |
|
Total
Current Assets |
240.104
|
238.345 |
198.808 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.657
|
163.690 |
129.608 |
|
|
Other Current Liabilities |
0.000
|
2.000 |
0.000 |
|
|
Provisions |
0.000
|
2.090 |
2.850 |
|
Total
Current Liabilities |
122.657
|
167.780 |
132.458 |
|
|
Net Current Assets |
117.447
|
70.565 |
66.350 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.483 |
0.677 |
0.155 |
|
|
|
|
|
|
|
|
TOTAL |
391.805 |
327.711 |
319.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service |
774.004 |
719.787 |
616.929 |
|
|
|
Other Income |
3.179 |
2.621 |
1.601 |
|
|
|
TOTAL (A) |
777.183 |
722.408 |
618.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
244.636 |
230.054 |
|
|
|
|
Manufacturing Expense |
273.856 |
269.775 |
|
|
|
|
Employees Emoluments |
122.939 |
109.230 |
|
|
|
|
Repairs and Maint |
51.455 |
41.511 |
568.112 |
|
|
|
Admin, General and Sales Expense |
31.186 |
28.593 |
|
|
|
|
Loss on sale of Shares |
0.000 |
0.029 |
|
|
|
|
Miscellaneous Expenses written off |
0.196 |
0.196 |
|
|
|
|
TOTAL (B) |
724.268 |
679.388 |
568.112 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.915 |
42.918 |
50.418 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.123 |
11.661 |
15.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.792 |
31.359 |
35.243 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.711 |
21.836 |
27.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.081 |
9.523 |
7.614 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.446 |
6.708 |
(2.378) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.635 |
2.815 |
9.992 |
|
|
|
|
|
|
|
|
|
Less: |
PREVIOUS YEAR
ADJUSTMENT |
(0.008) |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.114 |
35.299 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
45.741 |
38.114 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.78 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.98
|
0.39 |
1.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
1.32 |
1.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.54
|
2.18 |
1.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.05 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.28 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.42 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
122.657
|
163.690 |
129.608 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17239GJ1987PTC009851 |
|
Name of the
company |
PIONEER SYNTEX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.391, GIDCIindustrial Estate, Pandesara, Surat-394 221, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80025120 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Pandesara Branch, Pandesara Industrial Estate, Near
Fire Bridge Station, Pandesara, Surat-394 221, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Instrument of Extension
relating to deposit of Title Deeds [registered with the office of Joint
Sub-Registrar: |
|
Date of
instrument Creating the charge |
09.03.2011 |
|
Amount secured by
the charge |
Rs.139.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Collateral
Security, hence not applicable. Terms of
Repayment Collateral
Security, hence not applicable. Margin Collateral Security,
hence not applicable. Extent and
Operation of the charge The charge will
operate as first and exclusive charge and shall be continuing security
towards the total credit facility of Rs.139.700 millions together with
interest, penal interest or any other charges thereof. Others |
|
Short particulars
of the property charged |
Immovable
properties of the company |
|
Date of latest
modification prior to the present modification |
21.05.2010 |
|
Particulars of
the present modification |
The Charge on the
immovable property is extended to secured enhanced the credit facility of Rs.
139.700 Millions comprised of: 1. Cash Credit
(Maruti Division) : Rs.35.000 Millions, 2. Cash Credit
(Pioneer Division) : Rs.35.000 Millions, 3.Term Loan I : Rs.3.100
Millions 4. Term Loan II :
Rs.17.600 Millions 5.Term Loan- III
:Rs.40.000 Millions 6.Bank Guarantee
: Rs.4.000 Millions 7.Inland/Import
L/C : Rs.5.000 Millions TOTAL CREDIT
FACILITY : Rs. 139.700 Millions |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.